Research On The Benefit Comparison Between Asset M&A And Equity M&A Based On The Manufacturing Industry

As an important means in expanding the scales and reducing the operational risks,M&A plays a significant role in promoting structural adjustment,improving enterprise's efficiency and enhancing company's core competitiveness.Therefore more and more enterprises are inclined to choose the way called M&A.In the environment of reform and openness and under the stimulus of policy in the promotion of mergers and acquisitions,China's M&A is developing rapidly,the M&A activity has become increasingly actively,and is presenting the tendency of development commonly among the domestic M&A,the overseas M&A and the foreign M&A.As a pillar industry of the national economy,manufacturing industry plays a very important role in the development of the social economy.With the development of China's economy into the "new normal",the economic development mode is shifting to intensive mode gradually,and the advantage of Chinese manufacturing which depends on the cheap labor has passed away.Now China's manufacturing industry is facing the challenge of the adjustment of industrial structure,and the M&A mode is just to meet this demand.The thesis is taking the manufacturing industry's M&A activity as a research object,through analyzing the manufacturing industry's M&A environment,the China's manufacturing industry's M&A macro environment and the M&A micro environment can be understood.On this basis,the enterprise benefits comprehensive evaluation model can be built from five different aspects which are debt paying ability,operation capacity,earning capacity,development capacity and shares of ability.Besides,the factor analysis method and the descriptive statistics method will be taken to research on M&A activity of China's manufacturing industry.In the empirical research,this article selects the M&A events occurred in 2012 of the listed company on our manufacturing industry,53 listed companies are selected to be the sample data of asset M&A and 63 listed companies are selected to be the sample data of equity M&A to analyze the enterprise comprehensive benefits in this two different modes respectively.Through the factor analysis method,we can calculate this two different modes final scores separately.Consequently,it can intuitive compare the different influence to enterprise benefits from this two M&A modes.By analyzing the common factor coefficient,it can clearly find the main factors which affect the overall efficiency.Finally,for all sorts of problems appearing in the empirical analysis,the corresponding countermeasures and suggestions are put forward from three different aspects which are choosing the way suited their own development before M&A,focusing in acquisition of evaluation index and enhancing the overall efficiency of the integration after M&A.The research results showed that the benefits brought by this two M&A modes can not be reflected immediately,which has a certain hysteresis.And when Using asset M&A mode,the M&A effects play a longer lag period.Development capacity index had a significant effect on the enterprise benefit which were taking the asset M&A mode while both the development capacity index and earning capacity index had an important effect on the enterprise benefit which were taking the equity M&A mode.Besides,The results also reflected that enterprise benefits which choose the equity M&A mode is better than the enterprise benefits brought by the asset M&A mode.